25 Mustang Court • Havelock, NC 28532

Year Purchased: 2021
Purchase Amount: $6,700,000.00
Equity: $3,125,000.00

Croatan Forest Apartments were purchased via a recapitalization in February 2021. Croatan Forest is a 92-unit apartment community in Havelock, NC. Built in the mid-1990s, the buildings are well- maintained and enjoy excellent visibility along Lake Road, a popular rental area in Havelock. The operating plan was to boost NOI by organically increasing rents while also increasing the marketing of units at turnover.